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The cross risks a potential visit to the 124.08 level, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY continues to sell off and is again in new lows for the year. There is scope for a slide to the 124.08 December 2016 high. Between here and the 50% retracement at 123.40 we expect to see some profit taking. Below here would target 120.10/00″.

“Initial resistance is the 127.57 August 2017 low and the 128.96 March low and while capped here it remains directly offered”.